Royce Closed-End Funds 4Q18 Distributions
article 12-03-2018

Royce Closed-End Funds 4Q18 Distributions

Royce Value Trust

Royce Value Trust, Inc. (NYSE - RVT) Declares Fourth Quarter Common Stock Distribution of $0.37 Per Share

Royce Value Trust, Inc. (NYSE - RVT) has declared a quarterly distribution of $0.37 Per Share on its Common Stock. The distribution, optionally payable in additional shares of Common Stock, or in cash by specific stockholder election, is to be paid on December 27, 2018 to stockholders of record at the close of business on December 13, 2018(ex - dividend on December 12, 2018). The price of shares issued for reinvestment will be determined on December 20, 2018
 

The Fund has adopted a Distribution Policy of paying quarterly distributions on its Common Stock. Distributions are being made at the annual rate of 7% of the rolling average of the prior four calendar quarter-end net asset values (NAVs), with the fourth quarter distribution being the greater of 1.75% of the rolling average or the minimum distribution required by IRS regulations. The policy, including the annual rate, is subject to change at the discretion of the Fund’s Board of Directors.
The Fund’s estimated sources of the distribution to be paid on December 27, 2018 and for 2018 year-to-date are as follows:
Estimated Allocations as of December 12, 2018
FUNDDATEDISTRIBUTION PER SHARENET INVESTMENT INCOMENET REALIZED SHORT-TERM GAINSNET REALIZED LONG-TERM GAINSRETURN OF CAPITAL
RVT
as of December 12, 2018
$0.3700
$0.0569 (15%)
$0.0463 (13%)
$0.2668 (72%)
$0.0000 (0%)
RVT
for 2018 through December 12, 2018
$1.2600
$0.1937 (15%)
$0.1578 (13%)
$0.9085 (72%)
$0.0000 (0%)
You should not draw any conclusions about the Fund's investment performance from the amount of the current distribution or from the terms of the Fund's Distribution Policy. The amounts and sources of distributions reported herein are only estimates and are not being provided for tax reporting purposes. The actual amounts and sources of the amounts for tax reporting purposes will depend upon the Fund's investment experience during the remainder of its fiscal year and may be subject to changes based on tax regulations. The Fund will send you a Form 1099-DIV for the calendar year that will tell you how to report these distributions for federal income tax purposes.
FUND PERFORMANCE AND DISTRIBUTION RATE INFORMATION FOR
Average Annual Total Return (in relation to NAV for the 5-year period ending on 11/30/2018)1
6.78
Annualized Current Distribution Rate (expressed as a percentage of NAV as of 11/30/2018)2
9.26
Cumulative total return (in relation to NAV for the fiscal year through 11/30/2018)3
-3.51
Cumulative fiscal year distributions (as a percentage of NAV as of 11/30/2018)4
7.88
1 Average Annual Total Return in relation to NAV represents the compound average of the Annual NAV Total Returns of the Fund for the five year period ended December 12, 2018 Annual NAV Total Return is the percentage change in the Fund's NAV over a year, assuming reinvestment of distributions paid.
2 The annualized Current Distribution Rate is the current fiscal period's distribution rate annualized as a percentage of the Fund's NAV as of December 12, 2018
3 Cumulative Total Return is the percentage change in the Fund's NAV from December 31, 2018 to December 12, 2018, assuming reinvestment of distributions paid.
4 The Cumulative Fiscal Year Distribution Rate is the dollar value of distributions for the fiscal year period (January 01, 2018 to December 12, 2018), as a percentage of the Fund's NAV as of December 12, 2018.
Royce Value Trust is a closed-end diversified management investment company whose shares of Common Stock (RVT) are listed and traded on the New York Stock Exchange. Its primary investment goal is long-term capital growth, which it seeks by investing at least 65% of its assets in equity securities primarily of small- and micro-cap companies.

Royce Micro-Cap Trust

Royce Micro-Cap Trust, Inc. (NYSE - RMT) Declares Fourth Quarter Common Stock Distribution of $0.21 Per Share

Royce Micro-Cap Trust, Inc. (NYSE - RMT) has declared a quarterly distribution of $0.21 Per Share on its Common Stock. The distribution, optionally payable in additional shares of Common Stock, or in cash by specific stockholder election, is to be paid on December 27, 2018 to stockholders of record at the close of business on December 13, 2018(ex - dividend on December 12, 2018). The price of shares issued for reinvestment will be determined on December 20, 2018
 

The Fund has adopted a Distribution Policy of paying quarterly distributions on its Common Stock. Distributions are being made at the annual rate of 7% of the rolling average of the prior four calendar quarter-end net asset values (NAVs), with the fourth quarter distribution being the greater of 1.75% of the rolling average or the minimum distribution required by IRS regulations. The policy, including the annual rate, is subject to change at the discretion of the Fund’s Board of Directors.
The Fund estimates that it has distributed more than its income and net realized capital gains; therefore, a portion of your distribution may be a return of capital. A return of capital may occur, for example, when some or all of the money that you invested in the Fund is paid back to you. A return of capital distribution does not necessarily reflect the Fund’s investment performance and should not be confused with ‘yield’ or ‘income’.
The Fund’s estimated sources of the distribution to be paid on December 27, 2018 and for 2018 year-to-date are as follows:
Estimated Allocations as of December 12, 2018
FUNDDATEDISTRIBUTION PER SHARENET INVESTMENT INCOMENET REALIZED SHORT-TERM GAINSNET REALIZED LONG-TERM GAINSRETURN OF CAPITAL
RMT
as of December 12, 2018
$0.2100
$0.0007 (0%)
$0.0111 (5%)
$0.1982 (94%)
$0.0000 (0%)
RMT
for 2018 through December 12, 2018
$0.7500
$0.0025 (0%)
$0.0396 (5%)
$0.7079 (94%)
$0.0000 (0%)
You should not draw any conclusions about the Fund's investment performance from the amount of the current distribution or from the terms of the Fund's Distribution Policy. The amounts and sources of distributions reported herein are only estimates and are not being provided for tax reporting purposes. The actual amounts and sources of the amounts for tax reporting purposes will depend upon the Fund's investment experience during the remainder of its fiscal year and may be subject to changes based on tax regulations. The Fund will send you a Form 1099-DIV for the calendar year that will tell you how to report these distributions for federal income tax purposes.
FUND PERFORMANCE AND DISTRIBUTION RATE INFORMATION FOR
Average Annual Total Return (in relation to NAV for the 5-year period ending on 11/30/2018)1
5.74
Annualized Current Distribution Rate (expressed as a percentage of NAV as of 11/30/2018)2
8.62
Cumulative total return (in relation to NAV for the fiscal year through 11/30/2018)3
-1.95
Cumulative fiscal year distributions (as a percentage of NAV as of 11/30/2018)4
7.70
1 Average Annual Total Return in relation to NAV represents the compound average of the Annual NAV Total Returns of the Fund for the five year period ended December 12, 2018 Annual NAV Total Return is the percentage change in the Fund's NAV over a year, assuming reinvestment of distributions paid.
2 The annualized Current Distribution Rate is the current fiscal period's distribution rate annualized as a percentage of the Fund's NAV as of December 12, 2018
3 Cumulative Total Return is the percentage change in the Fund's NAV from December 31, 2018 to December 12, 2018, assuming reinvestment of distributions paid.
4 The Cumulative Fiscal Year Distribution Rate is the dollar value of distributions for the fiscal year period (January 01, 2018 to December 12, 2018), as a percentage of the Fund's NAV as of December 12, 2018.
Royce Micro-Cap Trust, Inc. is a closed-end diversified investment company whose shares of Common Stock (RMT) are listed and traded on the New York Stock Exchange. The Fund’s investment goal is long-term capital growth, which it seeks by investing primarily in equity securities of companies that, at the time of investment, have market capitalization of $1 billion or less.

Royce Global Value Trust

Royce Global Value Trust, Inc. (NYSE - RGT) Declares Fourth Quarter Common Stock Distribution of $0.04 Per Share

Royce Global Value Trust, Inc. (NYSE - RGT) has declared a quarterly distribution of $0.04 Per Share on its Common Stock. The distribution, optionally payable in additional shares of Common Stock, or in cash by specific stockholder election, is to be paid on December 27, 2018 to stockholders of record at the close of business on December 13, 2018(ex - dividend on December 12, 2018). The price of shares issued for reinvestment will be determined on December 20, 2018
 

The Fund has adopted a Distribution Policy of paying quarterly distributions on its Common Stock. Distributions are being made at the annual rate of 7% of the rolling average of the prior four calendar quarter-end net asset values (NAVs), with the fourth quarter distribution being the greater of 1.75% of the rolling average or the minimum distribution required by IRS regulations. The policy, including the annual rate, is subject to change at the discretion of the Fund’s Board of Directors.
The Fund’s estimated sources of the distribution to be paid on December 27, 2018 and for 2018 year-to-date are as follows:
Estimated Allocations as of December 12, 2018
FUNDDATEDISTRIBUTION PER SHARENET INVESTMENT INCOMENET REALIZED SHORT-TERM GAINSNET REALIZED LONG-TERM GAINSRETURN OF CAPITAL
RGT
as of December 12, 2018
$0.0400
$0.0400 (100%)
$0.0000 (0%)
$0.0000 (0%)
$0.0000 (0%)
RGT
for 2018 through December 12, 2018
$0.0400
$0.0400 (100%)
$0.0000 (0%)
$0.0000 (0%)
$0.0000 (0%)
You should not draw any conclusions about the Fund's investment performance from the amount of the current distribution or from the terms of the Fund's Distribution Policy. The amounts and sources of distributions reported herein are only estimates and are not being provided for tax reporting purposes. The actual amounts and sources of the amounts for tax reporting purposes will depend upon the Fund's investment experience during the remainder of its fiscal year and may be subject to changes based on tax regulations. The Fund will send you a Form 1099-DIV for the calendar year that will tell you how to report these distributions for federal income tax purposes.
FUND PERFORMANCE AND DISTRIBUTION RATE INFORMATION FOR
Average Annual Total Return (in relation to NAV for the 5-year period ending on 11/30/2018)1
4.23
Annualized Current Distribution Rate (expressed as a percentage of NAV as of 11/30/2018)2
1.40
Cumulative total return (in relation to NAV for the fiscal year through 11/30/2018)3
-8.57
Cumulative fiscal year distributions (as a percentage of NAV as of 11/30/2018)4
0.35
1 Average Annual Total Return in relation to NAV represents the compound average of the Annual NAV Total Returns of the Fund for the five year period ended December 12, 2018 Annual NAV Total Return is the percentage change in the Fund's NAV over a year, assuming reinvestment of distributions paid.
2 The annualized Current Distribution Rate is the current fiscal period's distribution rate annualized as a percentage of the Fund's NAV as of December 12, 2018
3 Cumulative Total Return is the percentage change in the Fund's NAV from December 31, 2018 to December 12, 2018, assuming reinvestment of distributions paid.
4 The Cumulative Fiscal Year Distribution Rate is the dollar value of distributions for the fiscal year period (January 01, 2018 to December 12, 2018), as a percentage of the Fund's NAV as of December 12, 2018.
Royce Global Value TrustThe investment goal of is long-term growth of capital. Under normal market circumstances, the Fund will invest at least 80% of its net assets in equity securities, such as common stock and preferred stock, and at least 65% of its net assets in the equity securities of companies located in at least three countries outside of the United States. Royce & Associates, LP manages the Fund.

Important Disclosure Information

Closed-End Funds are registered investment companies whose shares of common stock may trade at a discount to their net asset value. Shares of each Fund's common stock are also subject to the market risks of investing in the underlying portfolio securities held by each Fund, respectively. Royce Fund Services, LLC ("RFS") is a member of FINRA and may file this material with FINRA on behalf of each Fund. RFS is not an underwriter or distributor of the closed-end funds.

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